India's Slave Pen: Possession Of Scrapped Notes To Be Punishable

Holding of more than 10 scrapped notes of Rs 500 and Rs 1,000 denomination will be punishable with a minimum fine of Rs 10,000, according to a new Bill introduced in the Lok Sabha on Friday with an aim of eliminating the "possibility of running a parallel economy" using these.

The Bill, to replace the ordinance promulgated on December 30, also provides for a minimum fine Rs 50,000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit the scrapped notes with RBI till March 31.

Once passed by Parliament, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence attracting fine of Rs 10,000 or five times the cash held, whichever is higher. The Specified Bank Notes (Cessation of Liabilities) Bill, which seeks to end the liability of RBI and the government on the currency notes demonetised in November last, was introduced by Finance Minister Arun Jaitley amid stiff opposition by Trinamool Congress, which called it "illegal" and "anti-national".